OrderPaperToday – President Muhammadu Buhari has pegged crude oil benchmark at $38 per barrel and a daily production estimate of 2.2million barrels per day for the 2016 budget.

These figures formed the crux of the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) forwarded to the Senate for approval today.

In a letter read by the President of the Senate, Bukola Saraki, Buhari said the MTEF/FPS is in preparation for the presentation of the 2016 Budget.

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The letter underscored that the framework sets up government’s economic plan for the next three years.

The MTEF/FPS is in accordance with the provision of the fiscal responsibility ACT 2007 which requires speedy approval by the National Assembly.

It would be recalled that the Federal Executive Council on Monday approved the nation’s MTEF/FSP where the council agreed on what it considers a very conservative benchmark.

The council is projecting a 2016 Budget of about six trillion naira , about one trillion above the current 2015 budget, including the recently approved supplementary appropriation.

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